Coordination and Partnerships

The Government of Cabo Verde showed strong ownership and commitment to the goals of the compact by investing significant resources into the redesigned projects. The Port of Praia rehabilitation was the largest single activity of the compact, constituting about half of the $110 million compact budget. When final feasibility studies showed that the cost of the Port was well above what was initially estimated, the Government of Cabo Verde agreed to finance Phase II of the Port rehabilitation with $98 million of works supported by a concessional loan guaranteed by the Government of Portugal. The completed project resulted in a more modern, efficient and secure Port with capacity to handle projected growth for the next 20 years. The Cabo Verdeans also stepped in when two of the five roads that were to be rehabilitated in the Roads and Bridges Activity were eliminated from the compact due to cost increases.
The compact supported the creation of the first private credit bureau in Cabo Verde through the Private Sector Development Project. MCC worked with the International Finance Corporation (IFC) to complete a full legal and technical review of the Cabo Verdean system, which then allowed international credit bureau service providers to submit technical and investment proposals to form a credit bureau with local investors. In anticipation of this private credit reporting system, the Banco de Cabo Verde (Central Bank) adjusted its policies, discontinuing its own credit information system and becoming the regulator of the new credit bureau.